But as I said, whatever, this is awesome news.
The quality of video we now have in a small form for a low price is almost unbelievable now!
A total revolution!
Canon certainly gave us the hardware and mighty fine hardware to say the least!

Well it won't compete with BM and Alexa and such for that sort of thing. But it costs $$$$$$$$$$ less than the big stuff and it's small and takes great stills unlike the BM and I believe does better than BM under low light due to the larger sensor.

there is some aliasing and stuttering motion in this demo though, not sure if he was using a different build or if there might end up being a few issues. Some of the other footage didn't seem to have aliasing. Some of it did have a touch odd movement though.

Hey Skibum, This is one helluva great surprise... WOW, I never thought it could work. I know the workflow is arduous, but it just looks so good... I don't know for sure but my first reaction is this maybe better than 4k out of the 1DC? What do you think?

Holy freaking cow!!!!!!!!!!!
Good god man I don't know that I've ever seen quality like that outside of Hollywood guys playing with the real big boys.

(What the heck is Canon smoking! Fire your darn MBA marketing droids already! And give your engineers all the salary you've wasted on the execs/marketing team! How can you be locking away such stuff and more?! Especially for video where they are 10x more anxious and less willing to put up with anything and wait around being slowly milked.)

This is EPIC!

Man I may have to save up for a second 5D3 or third just in case something goes wrong with the current on and they lock down all future bodies or something.

This quality is mind blowing!

Suddenly in our hands in a little couple pound package for 3000 bucks we can film with quality that used to take investors and tens and hundreds of thousands of dollars if not more.

And did you see the 1:1 mode?!? Do you know what that means for distant wildlife or close in macro videography!?!?!!!!!!

Assuming you care about video as much as still this is now probably the finest DSLR in the history of DSLRs! (if pure action stills are your thing then the 1DX probably still wins or if low fps stills at lower ISO matter most the D800 still rules.)

Seriously YOU will flip out beyond all belief. It has a mega-crop mode 14bit RAW video with perfect quality so you can basically shoot birds as if you were cropping 1920x1080 out of 100% view of a full RAW!! So instead of needing 1200mm to get a little bird taking up 1/100th of the center of your videos like now you might get them taking up almost the entire frame! With great DR! Amazing 24fps video!

EDIT: see the link in the top post in this thread by Fred (hey that rhymes) it seems that Andrew replaced the original footage with the new even more mind-blowing footage that I was referring to now.

2. Where can I find this awesome software? Is it in the Alpha 3 release?

You have to download the source code and compile it yourself for the very latest codes although some these pre-alphas have been posted up in one of the magic lantern forums, not quite the latest code but enough to do some of this. I don't have the link to the thread off-hand.

3. Is it confirmed working with the latest Canon firmware that we all just upgraded to?

It looks way better than the Vimeo 720p version. If I hadn't already lost my mind a long time ago, this would send me over the top. Like skibum basically said, this is a game changer. For real, not hyperbole. In the history of hacking devices to take them beyond their basic abilities, this will likely go down as the greatest of all time.

It looks way better than the Vimeo 720p version. If I hadn't already lost my mind a long time ago, this would send me over the top. Like skibum basically said, this is a game changer. For real, not hyperbole. In the history of hacking devices to take them beyond their basic abilities, this will likely go down as the greatest of all time.